|
9g��ssss �
<br /> G r ..
<br /> The exercise of any of the foregoing rights o�remedies and the application of the rents,profits and income pursuant to the Section entitled
<br /> "App/ication of Rents, Profits and/ncome"sha//not cure or waive any Event of Defau/t(or notice of defau/tl under ihe Deed of Trust or
<br /> invalidate any act done pursuant to such notice.
<br /> 7. APPL/CATION OF RENTS PROFITS AND/NCOME. All Rents col%cted by the Assignee or its agent or receiver each month shall be
<br /> applied as follows:
<br /> al if a receiver has been appointed, to payment of all�easonable fees of the receiver,•
<br /> b) to payment of all tenant security deposits then owing to tenants under any of the Leases;
<br /> cJ to payment, when due, of prio�or current rea/estate taxes and specia/assessments with respect to the Trusr Prope�ty, or if the
<br /> Deed of Trust requi�es periodic escrow payments fo�such taxes and assessmenis, to the escrow payments then due;
<br /> dJ to payment of a//premiums then due for insurance required by the provisions of the Deed of Trust, or if the�eed of Trust requires
<br /> pe�iodic escrow payments for such premiums, to the escrow payments then due;
<br /> el to payment of expenses incurred for normal maintenance of the Trust Properiy;
<br /> f/ if received prior to any forec%sure sale of the T�ust Property, to the Assignee for payment of the Obligation, but no such payment
<br /> made after acceleration of the Obligation shall affect such acceleration;
<br /> gl if received during or with respect to the period of redemption fol%wing a foreclosure sale o�th�Trust Prope�ty:
<br /> (i) lf the purchaser at the foreclosure sale is not the Assignee, first to the Assignee to the extent of any deficiency of rhe sale
<br /> proceeds to�epay the Obligation, second to the purchaser to be retained as a credit to the redemption price, but if the Trust
<br /> P�ope�ty is not redeemed, then to the pu�chaser of the Trust Property;
<br /> (iil lf the purchase�at the foreclosure sale is the Assignee, to the Assignee to the extent of any deficiency of the sale proceeds to
<br /> repay the Ob/igation and the ba/ance to be retained by ihe Assignee as a credit to the redemption price, but if the Trust Property
<br /> is not redeemed, then to the Assignee, whether or not any such deficiency exists.
<br /> The rights and powers of the Assignee under this Assignment and the application of Rents under this Section shall continue until expiration
<br /> oI ihe�edemption period from any forec%sure sale, whether or not any deficiency remains after the foreclosure sale.
<br /> 8. NO LIAB/LITY FOR ASS/GNEE. The Assignee shall noi be obligated to pe�form or discharge, nor does it hereby unde�take to perform or
<br /> discharge, any obligation, duty o�liability of the Assignor unde�the Leases. This Assignment shall noi operate to place upon the
<br /> Assignee responsibility for the cont�o% care,management o�repai�of the Trust Property or for ihe carrying oui of any of the terms and
<br /> conditions of the Leases. The Assignee shall not be responsible or liable for any waste committed on the T�ust Prope�ry, for any
<br /> dangerous or defective condition of the Trust Property, for any neg/igence in the management, upkeep, repai�or contro/of said Trust
<br /> Property or fo�failure to collect the Rents.
<br /> 9. ASSIGNOR'S/NDEMN/F/CAT/ON. The Assignor shall indemnify and hold the Assignee ha�mless against any and all claims, demands,
<br /> liability, loss or damage (including all costs, expenses and�easonable attorneys'fees in the defense thereof)asserted against, imposed
<br /> on or incuned by the Assignee in connection with or as a result of this Assignment o�the exercise of any rights or remedies under this
<br /> Assignment or under the Leases or by reason of any alleged obligations or undertakings of the Assignee to perform or discharge any of
<br /> the terms, covenanis or agreements contained in the Leases. Shou/d the Assignee incur any such/iabi/ity, the amount the�eof, togethe�
<br /> with interest ihereon at the rate stated in the Note or the rate stated in the most recent obligation covered by the Guaranry, shall be
<br /> secu�ed hereby and by the Deed of Trust, and the Assignor shall reimburse the Assignee therefo�upon demand.
<br /> 10. AUTHOR/ZA T/ON TO TENANTS. Upon notice fiom the Assignee that it is exercising the remedy set forth in the Section entit/ed
<br /> "Default;Remedies"of this Assignment, the tenants under the Leases a�e hereby inevocably authorized and directed to pay to the
<br /> Assignee all sums due unde�the Leases, and the Assignor hereby consents and directs that said sums shall be paid to the Assignee
<br /> without the necessity for a judicial determination that a default has occurred hereunder or under the Deed of Trust or that the Assignee
<br /> is entitled to exercise iis rights he�eunder, and to the extent such sums are paid to the Assignee, the Assignor ag�ees that the tenanr
<br /> shall have no further liability to the Assignor for the same. The signature of the Assignee alone shall be sufficient for ihe exercise of any
<br /> �ights under this Assignment and the receipt of the Assignee alone for any sums received shall be a full discharge and release therefor
<br /> to any such tenant or occupant of the Trust Property. Checks for all or any part of the Rents collected under this Assignment shall upon
<br /> notice from the Assignee be d�awn to the exclusive order of the Assignee.
<br /> 11. SATISFACTION. Upon ihe payment in full of the Obligation secu�ed hereby as evidenced by a recorded deed of reconveyance, this
<br /> Assignment shall, without the need for any further satisfaction o��elease, become null and void and be of no further effect.
<br /> 12. ASS/GNEEAS ATTORNEY-IN-FACT. The Assignor hereby inevocably appoints the Assignee and its successors and assigns as the
<br /> Assignor's agent and attorney-in-fact, which appointment is coup/ed with an interest, with the right but not the duty to exe�cise any
<br /> rights or remedies hereunder and to execute and deliver during the term of this Assignment such instruments as the Assignee may deem
<br /> appropriate to make this Assignment and any fu�ther assignment effective, including but not limited to the right to endorse on behalf and
<br /> in the name of the Assignor all checks from tenants in payment of Rents that are made payable to ihe Assigno�.
<br /> 13. SPEC/FlC ASS/GNMENT OF LEASES. The Assignor shall transfer and assign to the Assignee upon written notice by the Assignee, any
<br /> and a//specific Leases that the Assignee requests. Such transfer or assignment by the Assignor sha//be upon the same or substantia//y
<br /> the same terms and conditions as are herein contained, and the Assignor shall properly file or record such assignments, at the
<br /> Assignor's expense, if requested by the Assignee.
<br /> 14. UNENFORCEABLE PROVISIONS SEVERABLE. All rights,powers and remedies provided herein may be exercised only to the extent that
<br /> the exercise thereof does not violate any applicable law, and are intended to be limited to the extent necessa�y so that they will not
<br /> render this Assignment inva/id, unenforceab/e or not entit/ed to be recorded, registered or fi/ed under any app/icab/e/aw. /f any terms
<br /> of this Assignment shall be held to be invalid,illegal o�unenforceable, the validity of other terms hereof shall in no way be affected
<br /> thereby.
<br /> 15. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the Assignor and the heirs, legal representatives and assigns of
<br /> the Assignor, and shall inure to the benefit of the Assignee and its successors and assigns.
<br /> 16. AMENDMENT•NOT/CE. This Assignment can be amended only in a writing signed by the Assignor and ihe Assignee. Any notice under
<br /> this Assignment shall be deemed to have been given when given in accordance with the requi�ements for notice under the Deed of
<br /> Trust.
<br /> 17. COUNTERPARTS. Thrs Assignment may be executed in any numbe�of counterparts, each of which shall be an original and all of which
<br /> together shall constitute one inst�ument.
<br /> 18. THIRD PARTY. lf ihe Assignor is an individual, nothing contained herein shall in any way obligate the spouse, if any, of the Assignor to
<br /> pay the Obligation un/ess such spouse also signed the Note or the Guaranty that is evidence of the Obligation.
<br />
|